CVC expects to post profit in 09/10

CVC expects to post a "material improvement" in net profit for 2009/10 compared with the prior year, the company says.

The management and investment company said in a statement on Monday that net profit for fiscal 2010 was "anticipated at this juncture to be in the range of $15-20 million".

The forecast was dependent upon finalisation of audited accounts, the statement said.

CVC said the result would be "substantially attributable" to write-backs of previously impaired investments, and a $9 million profit from the realisation of a majority of the long term investment in Sunland Group Ltd, which previously had been recognised in reserves.

In 2008/09, CVC posted a $66.6 million net loss.

The company said it was not possible at this stage to give "meaningful guidance as to future period profitability", reiterating comments from its half-year earnings announcement in February.